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Vivendi surges on plan to distribute 60% of UMG capital to shareholders

PARIS, Feb 15 (Reuters) - Shares in French media conglomerate Vivendi surged on Monday after Vivendi outlined plans to list Universal Music, home to singers such as Lady Gaga and Taylor Swift, on the stock market and distribute 60% of the capital to investors.

Vivendi’s shares were up 22.5% in early trade, while shares in Groupe Bollore, which has a 27% stake in Vivendi’s share capital, jumped by 18.2%.

The plan to list Universal represents part of a process launched by Vivendi’s top shareholder, French billionaire Vincent Bollore, to cash in on the music industry’s revival.

Reporting by Sudip Kar-Gupta; editing by Jason Neely

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